School construction booming in the city

New York /
Dec.December 22, 2010 10:05 AM

The city’s School Construction Authority appears likely to emerge as one of the biggest real estate winners of the recession, having taken advantage of the lower costs of construction and the large supply of stalled private sector projects to build a record 26 new public school facilities this year. According to the New York Times, the authority is in its second year of an $11.7 billion five-year capital plan and that has catapulted it to the forefront of the construction industry. “All of a sudden, marquee construction firms that would only do projects that were $15 million and above are bidding for SCA jobs,” said Louis Coletti, who heads the Building Trades Employers’ Association. For example, SCA projects account for around 12 percent of Turner Construction’s current work in New York, compared with none during the real estate boom. It’s not just public schools, either. Both private and charter schools are also growing across the five boroughs — not to mention the massive expansion plans of the city’s colleges, like NYU, Fordham University and Columbia University. Between May 2008 and April 2009, more than half of the construction starts in the city came from the education sector, according to the New York Building Congress. [NYT]


Related Articles

arrow_forward_ios
A rendering of
Justice Avenue Tower
in Elmhurst
Charter school expansions pick up amid pandemic
Charter school expansions pick up amid pandemic
Columbia University
Columbia University inks deals with 2 restaurants
Columbia University inks deals with 2 restaurants
From left: 2-10 54th Avenue in Long Island City, 355 Exterior Street in the Bronx and a rendering of 145 Wolcott Street (Google Maps, Arquitectonica, iStock)
Construction activity dips for fourth straight year: REBNY
Construction activity dips for fourth straight year: REBNY
Pandemic may wipe out $16B in construction spending: report
Pandemic may wipe out $16B in construction spending: report
Pandemic may wipe out $16B in construction spending: report
Stay-at-home orders and virtual classes have asked serious questions of the once-booming market for student housing. (Photo: University of North Carolina at Chapel Hill via Getty)
Quiet dorms and distress storms: Student housing sector takes hit
Quiet dorms and distress storms: Student housing sector takes hit
Mayor Bill de Blasio with Jing Fong at 20 Elizabeth Street in Chinatown and St. John the Divine at 1047 Amsterdam Avenue in Morningside Heights (de Blasio by Noam Galai/Getty Images; Jing Fong via Facebook; St. John the Diving via Google Maps)
Schools are racing to lease extra space for socially distanced classes
Schools are racing to lease extra space for socially distanced classes
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)
School’s back on. Will the NYC resi market follow suit?
School’s back on. Will the NYC resi market follow suit?
A rendering of 100 Claremont Avenue, Melissa Burch of Lendlease and Ron Moelis of L+M Development Partner (Getty, Robert A.M. Stern Architects)
L+M, Lendlease snag $250M loan for UWS tower
L+M, Lendlease snag $250M loan for UWS tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...